India Must Grow At "Not Easy" 8-9 Per Cent For 20 Years To Become Developed Country By 2047: Deloitte South Asia CEO

India must achieve a growth rate of 8-9 per cent over the next two decades in order to achieve its goal of becoming a developed nation by 2047, according to Romal Shetty, the CEO of Deloitte South Asia.

"To grow at that pace is not easy. Very few countries in the world have been able to grow at a pace of 8-9 per cent year-on-year," Shetty told PTI.

Speaking to the news agency, Prime Minister Narendra Modi had recently said, "By 2047, I am sure that our country will be among the developed countries."

India is currently the fifth largest economy globally, following the United States, China, Japan, and Germany.

A recent report by S&P Global predicts that India's economy will double to $6.7 trillion by 2031, up from the current $3.4 trillion.

Shetty suggests that India can benefit from adopting the 'China plus one' strategy, as no other country can match the scale and scope of operations that India offers.

Noting that multinational companies are undoubtedly looking at 'China plus one', the Deloitte South Asia CEO said, "While there are other countries that will benefit when companies decide to move their manufacturing to somewhere else apart from China, no other country has the scale and size as India has."

According to Shetty, India has various opportunities to explore in sectors such as agriculture, space, semiconductors, and electric vehicles.

On the potential in the space sector, Shetty said the country already has 200 startups in this field and could attract investments of $100 billion by 2040.

He also highlighted the rapid development of roads in the country, with an impressive pace of 16,000-18,000 km per year. This infrastructure growth plays a vital role in boosting overall development and facilitating trade.

For Shetty, "things we should be concerned about" include crude oil imports and the downsides of technology, such as biases in artificial intelligence (AI).